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MI HR0417
Resolution
Status
9/18/2014
Primary Sponsor
Samir Singh
Click for details
AI Summary
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Urges Congress to renew the charter for the U.S. Export-Import Bank, which was set to expire September 30, 2014 without congressional action.
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Calls for amending the Ex-Im Bank charter to prohibit export subsidies to foreign companies that would cause significant loss of U.S. jobs.
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Notes the Ex-Im Bank is self-sustaining and operated a $2 billion surplus while supporting 1.2 million jobs over five years, with 192 Michigan businesses using it since 2007 to support $9 billion in exports.
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Acknowledges that while generally beneficial, Ex-Im Bank financing can harm competing U.S. companies when subsidized U.S. exports are incorporated into foreign products that undercut unsubsidized U.S. products.
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Directs that copies of the resolution be transmitted to the President of the Senate, Speaker of the House, and Michigan's congressional delegation.
Legislative Description
A resolution to urge the Congress of the United States to renew the charter for the U.S. Export-Import Bank and to amend the charter to ensure the bank cannot provide an export subsidy to a foreign company which would lead to a significant loss of U.S. jobs.
Congress of the United States
Last Action
Referred To Committee On Financial Services
9/18/2014